Carol’s Summary:

The Generation Y population (those born in the 1980’s and 1990’s) is entering one of the worst job markets since the Great Depression. Students are graduating from college with Bachelors and Masters degrees with debts ranging anywhere between $15,000 and $100,000 from school loans, and finding a job that pays minimum wage if they are lucky.

Although the recession has affected workers of all ages, the unemployment rate for those aged 20-24 is 15.3 percent, which is more than double the rate of the other age groups not to mention a great deal higher than the overall unemployment rate of 9.5 percent.

Even though the Millennials’ population is seemingly the best-educated generation to date, the recession could in fact cause these people to delay their careers by up to 15 years and in turn lower their lifetime earning potential significantly. With this grim outlook ahead of them, what can the Generation Y population do to more effectively push themselves into the career they had hoped for upon graduation? The following are some suggestions:

1. Work for free. Many companies may not currently have a position available for hire, but a good way to get to know a company and the work they do is to participate in their internship program. If you work hard and get involved with the company, you are more likely to get hired when a position does become available. Even if you don’t get hired at the end of the internship, you are walking away with valuable experience and in most cases a valuable recommendation.

2. Outsource. If a company is unable to hire you full-time, offer your services on a contract or project basis. This will give you the opportunity to get real work experience and to stay connected to the professional world while you are looking for a full-time job.

3. Find a coach or a mentor. A good way to learn more about the career you are seeking is to find a seasoned professional to mentor you or if you can, hire a coach. Connecting with a mentor allows you to learn the “tricks of the trade” as well as get an inside look into your field of interest, while connecting with a coach can help identify as well as work on your weaknesses. A mentor can also help you get in touch with other professionals in which you can network with.

4. Get involved. Joining a professional association related to your field of interest can give you many opportunities to network with working professionals. This kind of networking can help you find jobs that are not listed for the public, as well as give you an inside scoop on how to get hired.

5. Maximize your resources. Many students fail at finding a job because they do not take advantage of the resources available to them. For example, a school’s career center is a great resource that is often underutilized. Many companies will work with career centers to find new hires instead of posting public job announcements because they know what they are getting when a school refers a graduate to them. In addition, a school’s career center is aware of student programs with the government and many other companies.

6. Do not give up. The most important thing to remember when looking for a job is not to give up. One must realize there are many people in their same position and it may take a while to find a job, but it will be worth it when you do.

The Generation Y population may have many obstacles to overcome, but there are just many opportunities for them to take advantage of. In addition to the suggestions above, LifeBound provides professional coaching for those who need some extra help finding their place in the professional world. For more information about LifeBound’s professional coaching, visit www.lifebound.com or email us at contact@lifebound.com.

Article:
Gen Y: No jobs, lots of loans, grim future
Millennials’ delay in starting their careers could wallop long-term finances

They are perhaps the best-educated generation ever, but they can’t find jobs. Many face staggering college loans and have moved back in with their parents. Even worse, their difficulty in getting careers launched could set them back financially for years.

The Millennials, broadly defined as those born in the 1980s and ’90s, are the first generation of American workers since World War II who have cloudier prospects than the generations that preceded them.

To read full article: www.msnbc.com

College graduates are facing the worst unemployment market in a decade. Today’s grads find themselves competing for entry-level jobs against laid-off workers with M.B.A.s and years of experience. Plus, war jitters have kept economic recovery from moving into it’s natural next phase. Yet with a little tenacity, college grads can keep their career goals on track and their emotional equilibrium in tact.

1.) Get Help. Whether you pay a personal career coach or you have a role model you admire who is willing to work with you, it is useful to have objective advice as you continue your job search and build your professional skills.

2.) Work as an intern. If there is a company or field in which you ultimately want to work, apply for an internship. Getting your foot in the door and proving what you can do can often land you full time employment after a few months.

3.) Use on-line resources. There are many on-line resources, like Monster.com, which provide job leads and expert advice to help you weigh the pros and cons of job options. If you are interested in working for a specific company, do online research about that company and follow the business decisions being make online and in the newspapers. Continue to look up job opportunities on their web site.

4.) Develop a Supportive Cadre of Friends. Thousands of college graduates are unemployed right now. Take the time to cultivate friendships with people who are positive and up beat despite the challenges in the economy. These people will make the most of this opportunity, and they will give you encouragement when you need it.

5.) Take a Leadership Role in a Volunteer Organization. If you aren’t the leader you have always wanted to be, change that now. Join a volunteer or non-profit organization and volunteer to do something significant to make a difference. You can parlay this experience to your advantage when the economy turns around.

6.) Keep Expenses to a Minimum. While you are working two jobs, one of which may be non-paying, keep your costs down. Be creative with how you can save money. Cook at home and entertain yourself on less.

7.) Network. Meet as many people as you can who may be able to help you in the job search—friends, neighbors, grandparents and anyone else you may meet. Ask crucial questions and enlist their help and advice on the job search.

8.) Interview. Call the company or business where you would like to work and ask if you can interview someone with your dream job. Ask that person relevant questions about how they got started and what are the pros and cons of their job. These people will often be flattered that YOU want to spend time interviewing THEM out of respect, and can therefore be very helpful and perhaps give you some connections or people to contact. Again, this is NETWORKING!

9.) Continue to Learn. Employers value employees who are self-directed learners. So be aware of current events and know your industry by reading trade publications. Be disciplined about keeping your learning alive, especially after you have graduated.

10.) Keep the Faith. The economy will turn around. Until that happens, keep upgrading your skills even if you are not in your dream job. Have a resilient attitude and ask yourself what the lessons are in this time period. If you can answer that in some future interview, your prospective employer will know that you create opportunities no matter how tough the situation.